The  asset comprised a small parade of neighbourhood retail units which were let to the Co-Operative Society with The Bhaji (Indian Take-Away) and one vacant unit.

A location plan is contained within Appendix A of the report.

Details of the accommodation were set out in Appendix B (exempt within the report).

The asset was currently within the Housing Revenue Account, and all income received was retained by HRA for the support of Social Housing.

The report sought the approval of the Committee to appropriate the asset from Housing HRA for General Fund purposes to revenue stream to support the provision of services to residents. The accounts would be adjusted to show a capital receipt to HRA and debit the General Fund. The HRA receipt would be used to assist with the provision of affordable residential units on already identified locations.

Appropriation is the statutory power to transfer from one land holding power to another. There was a general power in Section 122 Local Government Act 1972 which applied in this case.

A motion was MOVED by Cllr Quirk and SECONDED by Cllr Sapwell to receive the recommendations set out in the report.

A vote was taken by show of hands and on the casting vote of the Chair it was RESOLVED:

1.            That pursuant to Section 122 Local Government Act 1972 the land at 2,4 and 6/8 Harewood Road shown on the plan in Appendix A of the report be appropriated from the Housing Act 1985 Part II to the Local Government Act 1972 Part VII;

2.            That an adjustment of the accounts be made at the value as determined by an independent Chartered Surveyor to be appointed jointly by the Head of Housing and the Strategic Asset Manager.

REASON FOR DECISION

To provide the General Fund with a revenue generating asset in accordance with the key objectives of the adopted Asset Management Plan, and also to provide the Housing Revenue Account with a capital receipt to assist in the delivery of new affordable residential units on Council owned sites.